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Day: September 29, 2016
September 292016
Interest Rate Hike Doesn’t Help Mexican Peso
The central bank of Mexico raised interest rates on Thursday, but the market demonstrated limited reaction to the news. The Mexican peso fell during Friday’s Asian trading session, continued to be driven by concerns about the US presidential elections. The Banco de Mexico increased its main interest rate by 50 basis points to 4.75% on Thursday. Now it stands at the highest level since 2009. A rate hike was expected by analysts, surveyed […]
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September 292016
Dollar Rises vs. Euro After GDP, Loses Gains Later
The US dollar attempted to rally against the euro during the Thursday’s trading session as the final revision of US gross domestic product was better than the preliminary one. Yet the greenback failed to keep its rally, and currently EUR/USD trades above the opening level. US GDP rose 1.4% in Q2 2016 according to the third and final estimate after increasing 0.8% in Q1. The actual value was above the predicted 1.3% and the preliminary 1.1%. […]
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September 292016
Domestic Data & Market Sentiment Drive Yen Down
The Japanese yen fell today, driven down by both poor domestic macroeconomic data and the general market sentiment that was favoring currencies with higher yield, not safe ones. Japan’s retail sales fell 2.1% in August year-on-year and 1.1% month-over-month. The drop was bigger than analysts’ had predicted. Meanwhile, the surprise agreement to cut oil production announced by the Organization of Petroleum Exporting Countries continued to bolster investors’ confidence, […]
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September 292016
Pound Under Pressure from Stimulus Expectations
The Great Britain pound fell against some of its rivals today, continuing to experience pressure from stimulus expectations. The currency managed to beat the Japanese yen, though, as risk appetite made investors less interested in safe currencies. Yesterday, Bank of England Deputy Governor Minouche Shafik signaled that timing of additional monetary easing depends on economic data, though she would rather “act preemptively,” and such comments hurt the sterling. […]
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September 292016
Canadian Dollar Maintains Rally Caused by OPEC Decision
The Canadian dollar was rising during the Asian trading session on Thursday, managing to maintain the rally it started on Wednesday. The rise of the currency was caused by the news about a surprise decision by the Organization of Petroleum Exporting Countries to limit its crude oil production. As one could expect, the announcement of the production cut was welcomed by crude oil as the commodity demonstrated huge gains on Wednesday and continued to rise on Thursday. Usually, the Canadian currency has a strong […]
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